JPMorgan Chase Projects $192B AI Power Chip Market by 2028 as 81 GW Capacity Shifts to 800V Architecture

According to a JPMorgan Chase report, the AI data center power chip market is projected to reach $192 billion by 2028, driven by 81 GW of new installed capacity and the shift to 800-volt direct current (DC) architecture replacing traditional alternating current (AC) systems.

The new architecture replaces mechanical equipment with silicon carbide (SiC) solid-state transformers and gallium nitride (GaN) DC-DC converters. Semiconductor content per watt is expected to increase from $175 to $260.

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